The present invention relates to a padded chair cover and corresponding method for covering chairs. There are a variety of slip covers for covering chairs which are commercially available in the marketplace. Each of these commercial products functions as a cover for a unique kind of chair, often a folding chair. These previously existing slip covers generally droop loosely over the specific chair and simply provide an ornamental layer of fabric over the chair. Party rental and catering companies have traditionally been the prime customers for these slip covers. All the while these same customers have been actively looking for a superior chair cover that would provide them with a formal, elegant and comfortable chair cover without having to replace their old chairs. In view of the foregoing, it would be clearly desirable to provide an improved chair cover which has these formal, elegant and comfortable chair cover features and which can cover a range of shapes of chairs thus providing a uniform appearance. Chair covers with these features are not currently available.